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Series 86 Exam Overview — Format, Weights & Eligibility

Understand FINRA Series 86 (Research Analyst Qualification Exam Part I) at a glance: structure, timing, passing score, function weights, eligibility, and how it fits with Series 87.

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Series 86 at a glance (FINRA)

  • Scored items: 85
  • Unscored pretest items: 10 (95 total)
  • Time: 4 hours 30 minutes (270 minutes)
  • Format: Multiple choice
  • Passing score: 73
  • Cost: $225
  • Corequisite: SIE

Note: FINRA includes unscored pretest items for question development. You won’t know which items are unscored, so treat every item as scored.

What Series 86 tests (job functions)

Series 86 is organized by three major functions:

  • F1 — Information and Data Collection — 21% (18 items)
  • F2 — Data Verification and Analysis — 33% (28 items)
  • F3 — Valuation and Forecasting — 46% (39 items)

Eligibility (important)

Series 86 requires firm sponsorship. You must be associated with a FINRA member firm (or other applicable SRO member firm) to enroll and test.

The SIE is a corequisite. To obtain the Research Analyst registration, candidates generally must pass SIE + Series 86 + Series 87.

Series 86 exemption (FINRA)

FINRA indicates that candidates who have passed CFA Level I and Level II, or CMT Level I and Level II, may request an exemption from Series 86 (Part I). Confirm eligibility and the exemption process with FINRA and your firm before scheduling.

✅ Next: work through the Series 86 syllabus » and then start timed drills in Practice ».

Syllabus